Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange

The main goal of the research is the assessment of ERM systems implementation effectiveness carried out in the context of exposure of financial result and enterprise value to risk. In the assessment made in the context of financial results, a four-stage system of effectiveness assessment was used covering: recording the financial results as profit or loss, percentage changes in the net financial result on a year to year basis, profitability of total assets and profitability of own capital. In the assessment made in the context of enterprise value Book Value (BV), Economic Value Added (EVA) and Market Value (MV) was used. All of the studied enterprises implemented the ERM system having in mind high exposure of fuel and energy industry to risk, most importantly to market risk. Nevertheless, implementation of ERM systems in none of the studied enterprises translated into clear stabilization of financial result and enterprise value. The parameters used for assessment were characterized by high changeability over time and a lack of clear development tendencies, even in short, two-year periods of observation.